Historic Mixed-Use
For Sale
$850,000
27-31 W State Street, Geneva, IL 60134
Fully leased property combines street-level retail with a remodeled loft office/apartment.
Property Size4,054 SF
Price / SF$220.78
Days on Market194
Property Features for 27-31 W State Street
General Information
Standard status
Active
Size
4,054 SF
Property subtype
Street Retail
Occupancy
100%
Additional Details
Gross Income
$80,400
Road Access
Yes
Building Details
Building Size
4,054 SF
Year Built
1840
Buildings
1
Stories
2
Construction
limestone masonry
Tenancy
Multi
Listing Agency:
SVN | Landmark Commercial Real Estate
(630) 938-4950
Listed By:
Neil Johnson · License #471012919
(630) 938-4950
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 3:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | Landmark Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 1840, this two-story limestone masonry property pairs an established retail component with a remodeled upper-level loft. The 2,100-square-foot first floor offers multiple showroom areas, three prominent display windows, hardwood flooring, exposed brick and limestone finishes, and two restrooms. Upstairs, the 1,750-square-foot office/apartment includes cathedral ceilings, skylights, a large windowed front room, two private offices, a full bath, kitchen with appliances and cherry cabinetry, and extensive storage and built-ins.
The building is positioned at 27-31 W State Street in downtown Geneva, on the west side of the Fox River and near the State Street and First Street routes. The property is two blocks from the Third Street shopping district and surrounded by restaurants, the Herrington Hotel, nearby street parking, and large public parking lots. Both levels are currently leased, with the upper configuration supporting office, apartment, or live-work use as described.
The building is positioned at 27-31 W State Street in downtown Geneva, on the west side of the Fox River and near the State Street and First Street routes. The property is two blocks from the Third Street shopping district and surrounded by restaurants, the Herrington Hotel, nearby street parking, and large public parking lots. Both levels are currently leased, with the upper configuration supporting office, apartment, or live-work use as described.
Key Highlights
- 1840 limestone masonry building with two levels of commercial space
- Fully leased property with retail below and loft office/apartment above
- 2,100 SF first‑floor retail area with three large State Street display windows
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,085
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,061,700
$1.1M
Cap Rate 7%
$758,357
$758.4K
Cap Rate 9%
$589,833
$589.8K
Market Conditions
NOI Build-Up for 3,850 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$94.2K $24.48/SF
− Vacancy
−$23.5K −$6.10/SF
EGI
$70.8K $18.38/SF
− OpEx
−$17.7K −$4.60/SF
NOI
$53.1K $13.79/SF
Area
Kane County, IL
Vacancy
24.90%
Lease Rate
$24.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,061,700
Cap Rate 7%
$758,357
Cap Rate 9%
$589,833
Alternative Uses
Best Use
Office B
$758.4K
$663.6K – $884.8K
NOI $53,085 @ 7.0% cap · market cap 6.25%
Second Best
Mixed Use
$683.1K
$597.7K – $797.0K
NOI $47,817 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,046 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,787
Businesses Nearby
Explore this area
Business Placement
Demographics for 60134, IL
30,503
Population
11,159
Households
2.7
Avg Household Size
42
Median Age
66%
College-Educated
97%
High-School Grad
14.6 sq mi
ZIP Area
2,089
Density / Sq Mi
$148,283
Median Household Income
$66,586
Median Earnings
$1,816
Median Rent
$427,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased property combines street-level retail with a remodeled loft office/apartment.
Where is this mixed-use property located?
The property is located at 27-31 W State Street Geneva, IL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1840 limestone masonry building with two levels of commercial space; Fully leased property with retail below and loft office/apartment above; 2,100 SF first‑floor retail area with three large State Street display windows
